Metabolix, Capella Education shine

ACA Capital and Thermage set to struggle in debut

By

SteveGelsi

NEW YORK (MarketWatch) -- Metabolix Inc. fattened its deal and shares of Capella Education Co. rallied after pricing above its range, but ACA Capital Holdings and Thermage Inc. came up shy as a foursome of initial public offerings debuted Friday.

Capella Education Co.
CPLA, +2.39%
priced at $20 a share, above the previously projected range of $17.50 to $19.50 a share. The stock opened at $25 and finished the day $24.90 for a gain of about 25%.

The post-secondary online-education firm raised $80 million by selling 4 million shares.

Meanwhile, Metabolix
MBLX, -27.35%
opened at $14.25, above its $14 price. The stock rallied 9% to $15.20 in afternoon action.

The biodegradable packaging firm priced 6.8 million shares at $14 each in a bid to raise $95 million.

The company, which has an alliance with Archer Daniels Midland
ADM, +1.28%
increased the size of the IPO from 5.8 million shares and priced at the top of its $12-to-$14 range.

On the flip side, cosmetic medical-device provider Thermage
THRM, +0.90%
priced 6 million shares at $7 each in a bid to raise $42 million. This put the offering below its reduced range of $8 to $9 a share; the company's IPO price range earlier had been $11 to $13 a share. The stock opened at $7 and fell to $6.41.

And ACA Capital
ACA, -3.28%
priced 6.9 million shares at $13 each in its $90 million IPO. Shares opened at $13 and fell to $12.85.

The New York-based seller of guaranty insurance for global credit derivatives markets, structured finance and municipal finance firms cut the size of the IPO from 10.78 million shares while paring the price level from $15 to $17 a share.

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